PORTUGAL REAL ESTATE NEWS – HALF A MILLION HOMES FOR SALE – MADEIRA ISLAND IN PORTUGAL IS NO DIFFERENT.
Portugal’s 8th of April 2009 edition of “Diario Economico” reports that 10% of the total homes in Portugal are presently on the market for sale. New construction has decreased but the number of used or resale homes on the market have increased. The total annual turnover of home sales is 170 000 per annum. This means that if there was no construction of new homes, 3 years would be the estimate time needed to market all existing homes on the market.
Madeira Island in Portugal is no different; there are many homes on the market that were built 3 to 4 years ago purely for speculative reasons. Some owners have had to repaint them to keep them looking new. Often pride, greed, ignorance and motivation for a quick profit interfere with reality and common sense. International consumers are extremely well educated today and are not willing to pay a cent more than the property is worth. If you are serious about buying or selling in Madeira Island you need to work with someone who is educated with market conditions and has proven results in managing some of the above issues – contact Tony de Nobrega of Nobrega Realty.